Baku, April 16, AZERTAC
BP's (BP.L) shareholders have voted against Chief Executive Bob Dudley's £14.13 million ($20 million) pay deal for 2015, a rare investor revolt for such a major company, after it recorded a record annual loss, according to Reuters.
Some 59 percent of shareholders on Thursday opposed the pay and benefits package, according to preliminary figures, in stark contrast with previous years when over 80 percent and sometimes as many as 90 percent voted in favour of the pay packages for senior executives.
Investors gathered at the ExCel exhibition centre in east London gasped when the initial voting figures were displayed on screen in the hall during the company's annual meeting.
BP's stock was down 1.3 percent at 1450 GMT, underperforming most rivals .SXEP and the FTSE 100 index .FTSE of leading British shares.
Dudley's 2015 pay and benefits rose 20 percent even though the company cut 5,000 jobs last year and reported steep losses after oil prices plunged.
While rival Royal Dutch Shell (RDSa.L) stayed in the black last year, its chief executive, Ben van Beurden, saw his pay fall to 5.6 million euros ($6.3 million) from 24.2 million euros.
Even though the vote was non-binding, BP executives said they would consider making changes to the way remuneration is calculated in future.